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Planned Giving

Bequests

You may wish to include the Wheelchair Foundation as a beneficiary in your will. The federal government encourages such gifts of bequest by allowing unlimited estate tax charitable deduction. To make a bequest to the Wheelchair Foundation in your will the following language may be helpful. It is strongly suggested that you show this language to your attorney “I give, devise, and bequeath to the Wheelchair Foundation of Danville, California $__.__” (or otherwise describe the gift and specify by percentage of estate).

There are three distinct ways you can make a bequest in your will:

  • Specific Bequest. You can designate a specific dollar amount, specific percentage, or specific property to the Wheelchair Foundation.
  • The Residual Bequest. Your estate will pay all debts, taxes, and specific requests. The remaining amount, the residue, will be transferred to the Wheelchair Foundation.
  • Contingent Bequest. You can ask that the Wheelchair Foundation receive all or a portion of your estate under certain circumstances. For example you can name the Wheelchair Foundation as a beneficiary to your estate if there are no surviving family members. Childless couples sometimes provide the entire estate to the surviving spouse or, if the spouse does not survive, to the Wheelchair Foundation.

You want to insure the designations in your will get to the intended beneficiaries. Please see your lawyer or Certified Public Accountant and discuss your specific request with them.

Gift of Life Insurance

You may no longer need the life insurance you purchased years ago for your children or other family members. If this is your situation, please consider donating the policy to the Wheelchair Foundation. You may claim a charitable deduction for approximately the policy’s cash surrender value and the proceeds are completely removed from your estate. The Wheelchair Foundation will insure that these funds are used to purchase wheelchairs for use by the disabled in a developing country.

Gift of Retirement Plans

Your IRA assets will be transferred to a Charitable Remainder Trust. The trust will provide Life Income to the beneficiary and then an eventual gift to the Wheelchair Foundation.

Today many individuals have large, qualified retirement plans such as an IRA, 401K, or Keogh plan. These assets have been growing tax free for years. Once the owner begins to receive from the plan, there is a taxable event and eventually the plan will be included in the owner’s taxable estate. To avoid these tax consequences, a retirement plan may be donated to the Wheelchair Foundation.

Once you make your gift of retirement plan to create a Charitable Remainder Trust through your will, it works like this: Your IRA assets will be transferred to a Charitable Remained Trust. There is no tax due because the charitable remainder trust is a tax-exempt entity. The trust will provide life income to the beneficiary, for example your child, with an eventual gift to the Wheelchair Foundation. The beneficiary will pay income tax for the distribution from this trust. Your estate will receive an estate tax charitable deduction for the value of the Wheelchair Foundation’s right to eventually receive the trust assets.

Beneficiary of Retirement Plan

Naming the Wheelchair Foundation as a beneficiary for funds in a retirement plan is very easy. The person or financial institution handling your Individual Retirement Account, other retirement plan or profit-sharing account can help.

Appreciated Securities

Gift of stocks, bonds and mutual funds make very attractive contributions and can offer you capital gains tax incentives when they have been held long term. In addition, amounts up to 30 percent of your adjusted gross income may be deducted for the year the gift is made. Any excess can be deducted over the next five years.

Life Insurance

Giving through life insurance can allow you to make a gift of assets you no longer need for your family’s security. When a life insurance policy is transferred to the Wheelchair Foundation as a donation, the cash value of the policy can be deductible. You can also assign a policy’s ownership to the Wheelchair Foundation and name it as irrevocable beneficiary.

Cash Gift

The most convenient method of making a gift to the Wheelchair Foundation may be by cash or check. A gift of cash is tax-deductible for all taxpayers who itemize. Amounts up to 50 percent of your adjusted gross income may be deducted for the year the gift is made; any excess can be deducted over the next five years.